Deals: Singapore Bitcoin Exchange Quoine Raises $20m; Moves to Tokyo
Bitcoin companies are seeing significant interest from investors all over the world. Quoine, a Singapore Bitcoin exchange, has recently raised US$20m in VC funding. This is quite a step up from the company’s previous investment round, which was worth ‘only” US$2m.
It is interesting to note. Bitcoin exchange Quoine is based in Tokyo, despite being a Singapore platform. However, this new investment round will help the company move its headquarters from Tokyo to Singapore in the coming months. There is also a Singapore office, which will continue operating as a subsidiary.
Quoine Focuses On Asian Market
The primary focus for the Quoine Bitcoin exchange has always been on the Asian market. This new investment round will not change that situation, as it will strengthen the company’s position in the region. Since most of the Bitcoin exchange volume is originating from China and other Asian countries, that seems to be a smart business decision.
By the look of things, investors are continuing the trend that started in 2015. A lot of VC funding has flowed to Bitcoin companies last year, and it looks like corporates are flocking to cryptocurrency companies as well. This is all very positive news for the Bitcoin ecosystem as a whole, as more money allows existing companies to expand their presence.
Although a lot of financial players have discounted the potential success of Bitcoin for several years now, things are changing. The European Union deemed Bitcoin to be exempt from VAT for the time being, legitimizing cryptocurrency. Japan is set to vote on whether or not Bitcoin becomes a legal currency in the country as well. Countries such as Malaysia and Singapore are exploring opportunities in the Fintech sector, and Bitcoin is an integral part of the evolution of finance.
The recent Bitcoin price trend is spurring renewed interest in cryptocurrency as well. Quoine is reaping the benefits from this increased attention, and their investment round is a vote of confidence for the cryptocurrency. It is good to see Quoine raising additional funding, as their previous series was back in December of 2014.
Quoine raising extra money is good news for Bitcoin companies in the Asian market. A lot of enterprises in the region have successfully closed investment rounds this year. bitFlyer, a Japanese Bitcoin exchange, raised US$27m in April. Zaif, another popular Bitcoin exchange in Japan, raised US$6.5m in May of 2016.
Source: Deal Street Asia